I can get to Forest Hill with ease.

D

Lol maybe, if he gets paid broking a mortgage for them!

Gnight all!

Yeah we finally got a PO BOX set up last year, Dreading the next interstate move!!

Yeah the MOVING!!! It's great when you move in and find out they are going to knock it down and build units. Or when you find out your landlord actually lives next door and he is a loony! Our current landlords are OS and will be back in a year…….Maybe or maybe they will come back early as a surprise! LOL!

There's good and bad with everything and some people can't stand renting and then there are Gypsies like me and mine, we are up to house number 6 in 6 years! The mail redirection is a nightmare

D

LOL!

Me! Rent it out and get going. Please call an accountant and get the particulars for tax issues etc. We rent and have our IP's and it works for us. Eventually when we are hideously wealthy property Moguls then we will buy our own home or build…but I think that's a while off yet

D

Hi all,

Great posts, We put up 20% plus stamp duty etc on one of ours, Terry and Richard are you saying that this is the wrong way to go about it. Our MB has told us that we pretty much cant borrow 90-100% and has pre approved us on our next loan if we come up with the 20% once again. Am I missing a trick? Sorry Vit to hijack your post but it may help you too

Thanks Guys for all your great info!

D

Hi,

Good posts. That's what we are all here for. Eventual finacial freedom and because we are passionate about property investing. Different people need different IP's for different reasons. Terry and GOM I would love ton know what little gold mines you are sitting on Prosperous new year to all

D

Hi,

Just remember that the PM costs are tax deductible so yeah you pay but you don't really. Questions to ask yourself about PM'ing are

* Will you follow up on everything….EVERYTHING?
* What is the worst thing that will happen if they don't pay, leave all the furniture and possessions in the house, trash etc?
* How much will it cost you in man hours as opposed to paying a PM?
* How will you document everything? Legally and tax wise.
* How is your filing system?
* Do you know tradesmen who will be relatively cheap to fix stuff, be on call 24/7 etc?

Just a few things to think about that a PM will do. It is a lot easier to pay and have a statement emailed/posted out that includes invoices etc than to have to muck around. (Can you tell I don't manage my own IP's?)

If you are passionate about doing it yourself and have good organizational skills then go for it. I have seen some shocking properties self managed, full of junk and no inspections done for like a year and 1/2 because "oh they're good tenants (even tho they have to be chased for the rent) I don't want to have to get anyone else etc"!

Just remember that property is a business

D